News
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a NZ$150 million (US$110.4 million) minimum tap to its May 2024 Kauri bond on 20 July. The forthcoming transaction is being marketed at 47 basis points area over mid-swap, equivalent to 66.2 basis points over New Zealand government bond, and will price on or before 21 July, according to lead managers ANZ, BNZ and TD Securities.
L-Bank (AAA/Aaa) mandated banks for a new, 10-year Kauri bond on 19 July . The transaction is expected to price in the near future, according to lead managers BNZ and Deutsche Bank.
Liberty Financial (Liberty)’s latest residential mortgage-backed securities (RMBS) deal is the largest ever by this or any other Australian nonbank issuer, and the biggest nonconforming securitisation in Australia since the financial crisis. The issuer ascribes its success to the inclusion of a euro-denominated tranche and conducive market conditions.
The investor-friendly approach adopted by Banco Santander in the execution of its A$800 million (US$611.9 million), senior-nonpreferred EMTN was instrumental in the deal’s volume and bookbuild outcome, deal sources suggest. They say other offshore bank issuers are circling, based on a view of Australian dollars as a good diversification option.
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a A$60 million (US$47.6 million) increase to its March 2032 Kangaroo bond on 19 June. The Mizuho Securities-led tap is being marketed at 62.25 basis points over Australian Commonwealth government bond or 45 basis points over semi-quarterly swap, and will price on day of launch.
The five-year domestic deal for John Deere Financial (John Deere) (A/A2/A) progressed to launch a on 19 July. Initial price guidance is in the area of 90-95 basis points over semi-quarterly swap.
Australian Catholic University (ACU) (Aa2) mandated banks for a new, 10-year Australian dollar-denominated sustainability bond on 19 July. Launch is expected in the near future, according to lead managers National Australia Bank and UBS.
The Australian Prudential Regulation Authority (APRA) published its long-awaited determination of the definition of “unquestionably strong” in relation to Australia’s big-four banks on 19 July. It also hints at a potential future move more closely to align Australian capital ratio methodology with international standards.